AUGUSTA, Maine (AP) — Maine's legislative Democrats on Wednesday sought to put the best face on a rating agency's downgrading of state bonds, saying it targets the very issues they are focused on this session.
"Our laser focus on jumpstarting our economy and putting people back to work will show Fitch Ratings and others that we are determined to get to work getting results," said Senate President Justin Alfond, of Portland.
Fitch Ratings, citing "persistent budget gaps despite repeated balancing actions," on Tuesday downgraded Maine's $472 million in general obligation bonds from AA+ to AA. Fitch also downgraded the rating on $1.4 billion of the Maine Municipal Bond Bank's general resolution bonds from AA- to A+.
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